Shares of Li Auto Inc. (LI) plummeted more than 5% in pre-market trading on Wednesday, following the Chinese electric vehicle maker's disappointing third-quarter earnings report.
Li Auto reported adjusted earnings per American Depositary Share (ADS) of $0.52 for the quarter ended September 30, 2024, falling significantly short of the Wall Street consensus estimate of $2.31. The company's revenue also missed expectations, coming in at $6.110 billion compared to analysts' projections of $41.665 billion.
The weaker-than-expected results suggest that Li Auto is facing challenges in maintaining its growth momentum amid intense competition in the Chinese EV market. Investors are likely concerned about the company's ability to sustain profitability and meet its ambitious production targets.
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